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Shame when they pull the plug that GoDaddy or whomever will just throw up a 404 page rather than something nicer, like Out to Lunch or, Be Back Soon....or whatever.
I had an employer who allowed their domain registration to expire. So instead of paying a relatively low annual renewal fee they ended up paying over $1000 to redeem their lost domain. (And if you miss the redemption period you can pay even more to buy your domain back from whomever grabs it next and turns it into a link engine or porn site.)
Site hosting is easier to restore (although it can be a pain if the unpaid hosting company deletes the site from their server instead of redirecting to a 404). Then you get to find out how well your backups actually work.